GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets were comprised of the following:


	December 31, 2024
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Brand name	25 years	$	952,000	$	(189,556)	$	762,444
Product formulations	15 years	136,500		(45,182)		91,318
Customer relationships	20 years	53,000		(13,191)		39,809
Software	3-15 years	10,264		(4,286)		5,978
Total finite-lived intangibles		1,151,764		(252,215)		899,549
Goodwill	Indefinite	168,300		—		168,300
Total goodwill and other intangibles		$	1,320,064	$	(252,215)	$	1,067,849


	December 31, 2023
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Brand name	25 years	$	952,000	$	(151,475)	$	800,525
Product formulations	15 years	136,500		(36,082)		100,418
Customer relationships	20 years	53,000		(10,541)		42,459
Software	3 years	5,660		(1,348)		4,312
Total finite-lived intangibles		1,147,160		(199,446)		947,714
Goodwill	Indefinite	168,300		—		168,300
Total goodwill and other intangibles		$	1,315,460	$	(199,446)	$	1,116,014

The amortization of the Company’s brand name, customer relationships and software is recorded to Amortization of other intangible assets in the Consolidated Statements of Operations and Comprehensive Income. A portion of Amortization of patented formulations is capitalized to Inventory in the Consolidated Balance Sheets, and the remainder is recorded to Amortization of patented formulations in the Consolidated Statements of Operations and Comprehensive Income. Amortization of the Company’s definite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was as follows:


	For the Year Ended
		December 31, 2024		December 31, 2023		December 31, 2022
Amortization of patented formulations		$	9,342	$	8,345	$	7,500

Amortization expense, brand name and customer relationships		$	40,731	$	40,730	$	40,730
Amortization expense, software		2,938		738		552
Amortization of other intangible assets		$	43,669	$	41,468	$	41,282

Amortization of patented formulations capitalized to inventory		$	(242)	$	739	$	1,566

The estimated future amortization expense related to the finite-lived intangible assets as of December 31, 2024 was as follows:


Year ending December 31,
2025	$	52,700
2026	51,535
2027	50,564
2028	49,890
2029	49,890
Thereafter	644,970
Total	$	899,549